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Gold Leads Precious Metals Slide on Firmer Dollar
Contrarian Profits (January 5th, 2009) Writes:
Dollar rises to 3-week high vs euro on stimulus hopes… Oil prices fail to hold gains above $48 a barrel… Abu Dhabi Dec gold sales fall 40 pct month on month.
Gold slid more than 3 percent in Europe on Monday as the strengthening dollar knocked the metal’s appeal as a currency hedge, and oil prices retreated from highs.
Other precious metals tumbled in gold’s wake, with silver falling 8 percent, platinum 3 percent and palladium 6 percent.
Spot gold was quoted at $851.65/853.65 an ounce at 1445 GMT, down from $873.20 an ounce late in New York on Friday, having touched a session low of $843.50.
U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange were down $26.60 at $852.90 an ounce, having earlier touched a low of $843.50.
“The dollar is the critical factor today,”
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